THE IMPACT OF SMALL BUSINESSES ON THE ECONOMY

 

South Africa has hundreds of thousands of small businesses – so many that they contribute over 40% of our country’s gross domestic product and employ two-thirds of all South African workers. This means that, the more support they receive, the more people they can employ, and the more successful our country becomes.

Small Business Friday is South Africa’s biggest small business movement and it’s back for the eleventh consecutive year. Today is the official launch of the Small Business Friday 2022 season. The movement is brought to the nation by the National Small Business Chamber (NSBC) and sponsored by Absa. ‘Small Business Friday is when we salute and celebrate the mainstay of our economy and the engine of our society, placing extra emphasis on mobilising the nation to go big by supporting the small’ says Mike Anderson, NSBC Founder & CEO.

Anderson says that the NSBC and Absa anticipates enormous, nationwide support for this unmatched and meaningful movement again this year. It’s a 365-day drive that elevates every Friday and peaks on Small Business Friday – the biggest small business day of the year, which is always the first Friday of Spring every year.

The aim is to mobilise and encourage the nation to give greater support to small businesses. If more can support local small businesses, these small businesses will be able to build their infrastructure and employ more people from the local communities, therefore alleviating unemployment and driving job creation. This is meaningful nation building.

Small Business Friday continues to put small businesses across South Africa firmly in the spotlight, by encouraging consumers, business, and Government to support, visit and spend at a small business all year round, especially on Fridays, and particularly on Small Business Friday.

“As part of broader efforts to transform the economic competitiveness of the country, Absa is fully committed to support SMEs along their journey by building strong relationships with them and creating innovative solutions that meet their unique needs,” says Christine Wu, Managing Executive for Customer Value Management at Absa Retail and Business Bank. “The launch of the Absa Small Business Friday campaign underscores our commitment to this vital segment and connecting individuals to communities.”

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